Vegan Cosmetics Market Size to grow by USD 6521.5 million between 2024-2028

Technavio, a leading provider of market research reports, has released its latest study on Vegan Cosmetics Market. This report offers a comprehensive analysis of the current market trends, emerging opportunities, and key challenges.

Key Highlights:

• Market Research Overview: The global personal care products market encompasses the production and research and development of a wide range of items, including cosmetics, perfumes, masks, sex toys, hair wigs and extensions, and polarized sunglasses. According to Technavio, the market size is determined by the consolidated revenue generated by manufacturers in this sector. Factors driving growth in the market include the positive correlation between disposable income and discretionary spending, which encompasses expenditures on luxury and lifestyle-related products. - The Vegan Cosmetics Market is experiencing significant growth, fueled by the Increasing preference for vegan cosmetics from consumers. Businesses are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

• Major Findings:
  • Increasing preference for vegan cosmetics from consumers
  • Growth of cosmetic industry
  • Negative impact of vegan cosmetics on humans and animals
  • Stringent guidelines for obtaining vegan certification
• Growth Projections

The market size is estimated to grow by USD 6521.5 million, at a CAGR of 6.78% during the forecast period. In the dynamic cosmetics industry, global players such as L'Oréal, Estée Lauder, e.l.f. Beauty, Debenhams Plc, Natura & Co, and Unilever Group are recognized for their substantial manufacturing capabilities. The escalating trend towards veganism poses a significant challenge for these market leaders, necessitating adaptation to shifting consumer preferences. To expand their vegan product offerings, these companies have resorted to strategic acquisitions and investments. For instance, in late 2023, Unilever Group received a binding offer from Yellow Wood Partners LLC to acquire Elida Beauty, further bolstering its presence in the vegan cosmetics market.

For insights on company offerings- Request a sample report!

• Regional Insights

The vegan cosmetics market is experiencing significant growth, driven by increasing consumer awareness and preference for cruelty-free and ethically produced beauty products. Brands are responding to this trend by launching innovative, high-performing vegan formulations, utilizing plant-based ingredients and sustainable production methods. This shift towards vegan cosmetics represents a lucrative business opportunity for companies committed to ethical and sustainable practices.

About Technavio                                                                        

Technavio is a global market research company offering comprehensive reports and insights on various industries. Our research helps businesses make informed decisions by providing actionable data and trends. Technavio is based on four simple principles: easy-to-access reports, robust industry coverage, a focus on new and emerging technologies, and competitive pricing. We believe in helping companies and executives become better equipped to make faster, sounder, and more effective decisions. Technavio is one of the most influential market research and advisory firms in the world. We work with business and technology leaders to provide cutting-edge market research and insights to companies. 

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/